and 2000 tons of fish. Given No other information, which of the following events could explain this change? Home experienced increased unemployment. Home experienced an improvement in fish-catching technology. Home experienced a decline in coconut-producing technology. Home experienced a reduction in resources
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- Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country.Fruitland has a very simple economy: it produces just apples and oranges. It has no imports and exports.At the third stage of Product Cycle, the high income countries completely stop exporting the product and importing the same product from the low income countries O True O False
- The U.S. and India use workers to produce either of two goods: Agricultural products, and Technology services. It takes 10 workers to produce 1 unit of A and 30 workers to produce 1 unit of T in the U.S. It takes 30 workers to produce 1 unit of A and 150 workers to produce 1 unit of T in India The U.S. has 600 workers, and India has 1200 workers. 1. It is the year t=0, and the two countries have just started trading. • a) Write down the PPFE for the US 10A+30T=600 and India 30A+150T=1,200 Write the PPF in the form where the right-hand side of the equation is the number of workers • b) The opportunity cost of T in the U.S. is 3 The opportunity cost of T in India is . These two opportunity costs are written in units of A given up for 1 unit of T c) If the two countries trade, which country would specialize in T? d) If the two countries are willing to trade, give an example of a mutually agreeable trade price for T (in units of A): e) If they trade, India will produce 40 units of A and…Q24 The terms of trade is the... a. Quantity of imports that must be purchased to sell a unit of exported goods. b. Difference in opportunity costs between two countries. c. Quantity of domestic goods that must be exported to get a unit of imported goods. d. Amount of absolute advantage held by one country over another. e. Conditions under which trade takes place, as established by the World Trade Organisation.Identify whether the given items are examples of imports, exports, or neither. Assume the United States is considered the domestic country. Heath lives in the United States and purchases a video game produced in Japan. a. neither b. import c. export Veronica lives in Tennessee and buys an orange grown in Florida. a. export b. import c. neither A Chinese consumer purchases a television produced in China. a. import b. export c. neither A farmer in Iowa sells corn to a food processing plant in China. a. export b. import c. neither Chevron drills for oil in the United States and sells this oil to refineries in Brazil and Mexico. a. neither b. export c. import
- Complete the table below for the home country. (A positive number for trade indicates exports, a negative number indicates imports). Production Cheese __ Wine __ Real wage In terms of cheese ___ In terms of wine ____ Consumption Cheese 50 Wine ____ Trade Cheese ____ Wine ____Even though the size of the US labor force is nearly double that of Bangladesh, Bangladesh is characterized as a labor-abundant country. Explain why. Despite being labor-abundant, Bangladesh mainly exports ready-made garments (RMG), which many regard as capital-intensive. How would you explain this apparent paradox?Calculate trade-to-GDP for both case and define what does the trade-to-GDP ratio measure. Compare the results for two countries and discuss if a low value indicate that a country is closed to trade with the outside world. Import (current USD, bln) 380.1 Export (current USD, bln 466.3 917.9 GDP (current USD, bln) 705.1 4,954.8 Switzerland Japan 906.3
- “As nations become more prosperous, the contribution of agriculture to gross domestic product (GDP) declines while the contribution of manufacturing sector increases.” In the case of the Philippines, the contribution of the service sector increases. What does this mean for our country in the context of agribusiness?"Table 1. Export, Import and GDP in selected countries in 2018 Import (current USD, bln) 380.1 906.3 Export (current USD, bln 466.3 GDP (current USD, bln) 705.1 Switzerland Japan Data source: https://wits.worldbank.org/CountryProfile/en/Country/CHE/Year/LTST/ 917.9 4,954.8 Calculate trade-to-GDP for both case and define what does the trade-to-GDP ratio measure. Compare the results for two countries and discuss if a low value indicate that a country is closed to trade with the outside world.Compute the ratio of exports to imports for 2020 for each category.